From September 1 to 7, 2024, the Japan Bank for International Cooperation (JBIC) conducted a working visit to Tanzania, and on September 27, the delegation followed up with a courtesy visit to the Embassy to report back on their mission.
The delegation, consisting of three JBIC officials led by Mr. Yoshida Shinya, Director for Credits at JBIC, engaged with Tanzanian institutions involved in finance, planning, trade, and investment. The purpose of their visit was to evaluate and analyze the country's political, social, and economic situation and explore business and investment opportunities.
Mr. Shinya reported on the successful outcomes of their visit, stating that it provided them with a clear understanding of Tanzania’s macroeconomics and business landscape. He disclosed that such insight creates an avenue for country's private sector involvement. The delegation also observed significant public investments, such as the Standard Gauge Railway and the Julius Nyerere Hydropower Project (JNHPP), which are key drivers of Tanzania’s economy, attracting both domestic and foreign direct investment. They expressed their willingness to advise Japanese companies interested in investing in Tanzania.
In addition, Mr. Shinya highlighted the positive trajectory of Tanzania’s economy, noting an anticipated growth rate exceeding 6%. He mentioned that improvements in fiscal and public debt management are additional indicators of a robust economy. He praised the current administration's support for the agricultural sector, which employs approximately 75% of Tanzanians, and acknowledged the government's proactive initiatives to strengthen the sector.
Despite the challenges posed by climate change and shortage of foreign currency, Mr. Shinya expressed confidence in Tanzania’s economic resilience. He noted the government's effective interventions, including irrigation mechanisms and efforts to promote clean energy while reducing charcoal usage.
Mr. Shinya also briefly addressed security and political stability, indicating that Tanzania is characterized by a secure environment and political tranquility. He highlighted the successful execution of numerous development projects and initiatives without political interference, a crucial consideration for potential investors. In conclusion, he expressed enthusiasm for collaboration with Tanzania in the forthcoming TICAD 9.
JBIC, as a Japanese policy-based financial institution, is dedicated to supporting Japanese enterprises in their international trade and investment initiatives. The Embassy expressed gratitude for the delegation's visit and anticipates the positive influence it will exert on the economic relationship between Japan and Tanzania.
